Michael Philips proprietor Michael Both does not welcome the introduction of the menu. He believes the depolarisation proposal itself is flawed and will cause consumers more confusion over whether they are speaking to a tied, independent or partially tied adviser. He thinks the new recommendations will only add to the confusion.
Both says: “If the idea of these menu proposals is to make things clearer for consumers I cannot see how these will make any significant improvement. I don't think the current regime is perfect but do I think this is an improvement - no.
He continues: “My own terms of business have for years included an option for customers to pay by fees, commission or a commission offset and my clients have never felt this was not made clear to them.
“I cannot honestly see how these plans are helping. I will have to show a potential maximum fee would be but then clients are obviously going to want to know what my minimum charge is and why I cannot provide all their services for this price.”